At the start of this week, all of a sudden the Bitcoin price spiked. As a result, Bitcoin (BTC) reclaimed around eight thousand three hundred and fifty dollars ($8350) and six percent rally, after a drop to seven thousand and eight hundred dollars ($7800).
Whilst, the bullish trend has ended, Bitcoin price fell back to eight thousand and one hundred dollars ($8100) at press time.
The indicators are indicating that the cryptocurrencies might recover in the upcoming weeks. The most prominent is the Santiment social indicator, as it tracks the social media mention of BTC.
Santiment, in a tweet, highlighted the social volume of Bitcoin.
#Bitcoin $BTC's social volume continues its quiet decline after hitting its recent 2-year low. Historically, low social volume has preceded large price upswings and bull runs, and high social volume has been fairly reliable as a top indicator. https://t.co/4kl8hsb9Pk pic.twitter.com/z84qpJpk79
— Santiment (@santimentfeed) October 8, 2019
Whilst many are expecting it to be an indication that BTC would be falling more than the forty percent from this year’s highest value of fourteen thousand dollars ($14000), according to Santiment, this could be a bullish trend.
Bitcoin price MACD movement: What to expect?
According to a crypto analyst Chonis, BTC’s one-day MACD has emerged above zero after about three weeks.
$BTC – MACD poking its head above the ZERO line for the first time in almost 3 weeks, with a bull cross on very low indicators compared to where they were the last time red to green flipped. pic.twitter.com/5Py7wOD4NT
— Big Chonis⚔️Flux Trading Group🚀 (@BigChonis) October 9, 2019
The 1-day MACD has a historical significance. Previously, Bitcoin price rallied by fifty-two percent to sixty-one percent in weeks after the MACD trend in two cases.
However, this is not the only positive indication; Financial Survivalism also observed that from September’s last week till now Bitcoin price chart is eerily reminiscent of Wyckoff Accumulation pattern.
In Survivalism, it was stated that in case the current pullback creates a higher drop of over eight thousand dollars ($8000, then the Wyckoff Accumulation will be considered confirmed.
According to Survivalism, Bitcoin would return over ten thousand dollars ($10,000) in just a week.